Did you think that Bitcoin was only to park your money or to buy stuff anonymously?
Well, those are advantages, but of course it is also a great way to gamble online.
Though there are many legit online casinos that take traditional money, going with one on the blockchain offers far more security and anonymity.
There are some that also allow for fiat currency alongside Bitcoin and other crypto coins, but for the sake of this article, we will talk about cryptocurrency casinos.
In this article, we will explain how they work so you can decide if this is the way to go for you when you have the gambling itch.
How Bitcoin casinos work
For all intents and purposes, you wouldn’t notice any difference between how a Bitcoin casino works compared to a traditional online version.
You use a digital wallet to keep your coins which will pay out and also accept winnings. You’ll buy bitcoin with debit card or credit card to fill up your wallet before playing.
What does set them apart is how they usually offer transaction fee free play and unlimited daily transactions. This makes using a Bitcoin casino very attractive.
Some are hosted on the blockchain to provide total security since every transaction is recorded on the ledger for anybody to see so they cannot be manipulated.
One thing keeping the blockchain based casinos from proliferating is the fact the game can be slow because of the time to encrypt the transactions.
Why Bitcoin casinos are so popular
When using regular currency like a debit card, your banking information could give away the fact that you are gambling. Even if online gambling is legal in your area, you may not want that information seen by your bank or anybody else who might access your bank statement.
Using Bitcoin makes it a totally anonymous event. There also is rarely an age verification and location check so you are free to play in most areas of the world.
There are also usually fewer rules with how gambling can be done which is not the case for most traditional online casinos which is very attractive for some gamblers.
Then there is the case of taxes. Since these transactions are anonymous, profits are difficult to track for tax purposes. In many cases, gamblers don’t report their winnings essentially playing tax free.
Are Bitcoin casinos legal?
Any type of online gambling is illegal in the US, Bitcoin casinos included. Though you may be able to circumvent many checks while in the US, you are still not legally allowed to gamble online so you do so at your own risk.
You are also required in many places to report your gambling winnings. If you don’t do this you could run into legal trouble with the tax authorities in your country.
It is up to you to comply with your country’s laws and risk running into trouble if you decide to play illegally.
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